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India overtakes China as the most dynamic market

Overtaking China, India is now the most dynamic market with a rapidly expanding economy and a consumption boom.

Conditions for retailers in India are favorable and will continue to provide strong fundamentals. GDP is forecast to grow 7.6 per cent in 2018, helping organised retail to double in size by 2020.

Relaxed rules for foreign direct investment in key sectors have improved the ease of doing business in India. Efforts to boost cashless payments and reform indirect taxation with a nationwide goods and services tax are also expected to accelerate adoption of modern retail. These are the findings of the Global Retail Development Index report.

In 2016, consumers showed increased interest in brands. Prominent international retailers entered the market including Armani Exchange, Cole Haan, Heatwave, Muji, Massimo Dutti, Kate Spade, and Neil Barrett.

Online retail is projected to grow 30 per cent annually, driven by high promotional activity and payment solutions such as cash on delivery. Lifestyle retailers such as Shoppers Stop are investing in omni-channel offerings. Two of the nation’s largest online retailers, Flipkart and Snapdeal, are considering a merger as investors look to lock in returns, cut losses, and focus on sustainable growth.

H&M opened 15 stores within two years of entering the market and German sports goods makers Puma and Adidas are looking for approval to operate fully owned retail stores and online portals.

 
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